Magic Eden’s Big Move: Slingshot Acquisition Sparks 23% Price Surge

Magic Eden Acquires Crypto Trading App Slingshot to Move Beyond NFTs

Magic Eden, a top NFT marketplace, has bought the crypto trading app Slingshot. This shows a big change in their plan. They now want to do more than just NFTs. It is moving into wider digital asset trading.

The acquisition was confirmed by Magic Eden CEO, Jack Lu. The move expands its support to more than 8 million tokens across almost every major blockchain. In a post on X, the company emphasized it's goal: “No bridges. No CEXs. This is another major step towards our vision of providing the best platform to trade all assets, on all chains.”

Source: X

Magic Eden aims to offer users a seamless experience without needing centralized exchanges, multiple wallets, or complex bridging processes. With Slingshot’s infrastructure, the platform is positioning itself as a simple and powerful alternative to traditional exchanges.

Slingshot Token Sees Price Surge After Announcement

Following the acquisition news, its native token saw a sharp price increase. $SLING price is currently floating at $0.007693 after the price rise of 23.19% in the last 24 hours, with a market cap of $1.43 million. Its trade volume is $516.72k after the 20.4% jump, which shows the strong community involvement.

Source: CoinMarketCap

Market analysts say the price surge reflects strong confidence in the combined potential of Slingshot and Magic Eden. With it's simple, beginner-friendly interface and its reach in the NFT world, the new partnership could bring more users into the broader crypto space.

Slingshot Brings Nearly a Million Users and Real-Time Token Access

It has already attracted close to 1 million users. Its app allows frictionless trading across 10 major blockchains. Users can access over 5 million tokens and manage everything with a single USDC balance. The app supports real-time listings, easy fiat on-ramps like Apple Pay and PayPal , and even email logins.

It is part of a new generation of platforms aiming for full-chain abstraction. This means users don’t need to worry about gas fees, trusted bridges, or swapping between blockchains. It’s all handled in the background, making crypto more accessible to the average user.

Slingshot will continue to operate under it's name, but MagicEden CEO Jack Lu said the two platforms will become more connected over time. He said their marketplace had made $75 million from NFT trading in 2024. The company hopes this new move will help it earn even more.

Conclusion

MagicEden is going beyond NFTs, as evidenced by it's acquisition of an exchange. The platform's current goal is to develop into a location where users can effortlessly trade any kind of digital asset without the need for centralised exchanges.

Magic Eden is preparing for the future of cryptocurrency with it's rapidly expanding user base, support for millions of tokens, and features for meme coins and emerging blockchain technology. Magic Eden is advancing while other platforms are stalling.